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Estate planning can sometimes be one of those things that families know they should do, but they put it off for various reasons. Maybe it’s difficult getting all the family members together. Perhaps there are sensitive family dynamics that make estate planning a touchy subject. Or maybe parents are simply uncomfortable talking about their own mortality.
To borrow a well-known slogan, the best course of action for estate planning is to just do it. For most families, this starts with having a family estate planning meeting. This will help open up lines of communication and hopefully prevent disagreements and fighting among siblings after the parents have passed away.
Here are some guidelines to help you plan an estate planning meeting with your family members.
Start by approaching the family member you trust the most and who you believe other family members will listen to when it comes to the family estate plan. Explain to him or her your intentions and why you believe that a family estate planning meeting is important so he or she can help get other family members on board.
If you have tapped one family member as your estate’s executor, this person is probably the best one to approach in this way. Together you can decide which family members to invite to the meeting, what topics should (and shouldn’t) be covered at the meeting, how to arrange the logistics of the meeting and whether any outsiders (such as an attorney or financial advisor) should be included in the meeting.
Depending on how many family members will attend and where they live, this could be the most challenging part of your family estate planning meeting. While you could hold the meeting virtually using Zoom if everyone lives far apart, it’s usually better for everyone to gather together physically in the same location if this is possible.
As far as location goes, you can hold the meeting in your home, another family member’s home if it’s more centrally located or some other place like a hotel or resort. When you invite family members, reassure them that you are in good health and it isn’t emergency situation (assuming this is so) so they aren’t alarmed. Also let them know if an attorney or financial advisor will be present so they aren’t surprised by this.
Every family is different so no two estate planning agendas will be exactly the same. But here are a few items that are typically covered in a family estate planning meeting:
· Advanced healthcare directives — These typically include healthcare proxies and powers of attorney, living wills and do not resuscitate (DNR) orders.
· Legal structure of estate — This may include a living trust, charitable and other family trusts, and your last will and testament.
· Distribution of assets — In other words, who will receive what property and assets when you and your spouse die. This could be the most emotionally charged part of the meeting and might be better handled one-on-one with each family member.
· The family business — If you own a family business, set aside time to discuss your business succession plan with family members who will be actively involved with the company going forward.
It’s important to follow up in writing with every family member who attended to let them know what was discussed and decided at the meeting. This will help lessen the potential for misunderstandings and disagreements later if family members don’t all remember things exactly the same way.
Holding a family estate planning meeting is one of the best ways to discuss your estate plan with all family members together at the same time. The benefits of holding this kind of meeting include:
· There are no surprises among family members about property and asset distribution after you die.
· Family members are aware of your wishes with regard to life-sustaining measures if you can’t make these decisions yourself.
· Your business succession plan is shared with family members who will be involved in the company after you die.
· Stress is minimized on family members who are already going through an emotional time in the wake of your passing.
Since things can change within your family over time, you might need to have another family estate planning meeting to address any possible changes in your estate plan. This follow-up meeting might be shorter than the initial meeting and could possibly be handled virtually if it’s difficult for everyone to get together.
We can help you plan a family estate planning meeting. Give us a call at (803) 791-1111 or send us an email to discuss your situation in detail.
Information is provided by William Amick & Blake Amick and written by Don Sadler,
a non-affiliate of Cetera Advisor Networks LLC.
This article is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services
of an appropriate professional should be sought.
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Investment Advisory Representatives offer advisory products and services through Longleaf Advisory Services, LLC, a Registered Investment Advisor.
171 Lott Court
West Columbia, SC 29169
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Investment Advisory Representatives offer advisory products and services through Longleaf Advisory Services, LLC, a Registered Investment Advisor.